The Duties Act imposes duty on dutiable transactions including partnership acquisitions.
A partnership acquisition occurs when a person acquires an interest in a partnership that either owns or has an indirect interest in land in Western Australia.
When calculating the dutiable value of a partnership acquisition, the dutiable property of a partnership is restricted to the land and chattels it directly or indirectly owns. The value of other property owned by the partnership, such as business assets, is not included in the dutiable value of the dutiable transaction.
If a foreign person acquires a direct or indirect interest in a partnership that holds residential property, foreign transfer duty may apply to the dutiable transaction.
This fact sheet provides information about
- acquiring a partnership interest
- dutiable value of a partnership interest
- partnership interest
- value of a partnership interest
- calculation of duty with examples
- partnerships that own farming land
- lodging requirements